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Hard Money Loans in Canova, South Dakota
Canova, SD has 13 hard money lenders operating in the city. The average loan issued is around $455,278. Rates for hard money loans average around 10.5%. The mean term for loans is 48 months. The mean loan includes a 3.0 percent origination cost. The average loan-to-value (LTV) for loans in Canova is 67%.
Loan Example 1
Christie is a real estate investor in Canova, SD. She finds an older property and wants to remodel it and resell it for a profit. The property costs $360,000 but she does not have the full amount so she obtains a hard money loan with Blue Mountain Lending. The terms of the note include a 60% loan to value (LTV), so she must contribute 40% of the price as cash to closing, making the principle loan amount $216,000. The deal also has the following features: 1) a 18 month length, 2) a 10% interest-only note, and 3) a five point origination charge.
The borrower must fund a total of $32,400 upon closing to cover the $144,000 down payment plus the $10,800 origination fee. Blue Mountain Lending will collect $1,800 in monthly interest payments from the Christie. This is computed by taking the total note value of $216,000, multiplying that by the 10% rate of interest, and then dividing that number by 12. If Christie sells the property for $504,000 after 18 months, she would then make a total profit of $100,800 after subtracting the principle amount of $216,000, the money paid at closing of $144,000, the origination points of $10,800, and the total interest payments of $32,400. This gross profit does not include rehab costs.
Loan Example 2
Oak Hill Finance makes a hard money loan to Zachary for a renovation project in Canova, SD. The loan dictates the following:
a) A $340,000 purchase price, b) a 60% loan-to-value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 4% origination fee.
Based on a $408,000 sales price after the 6 month term, the outcome for the deal would look like the following:
$408,000 sales price
- $204,000 principle (60% LTV)
- $136,000 down payment (40% on 60% LTV)
- $8,160 origination fee (4% of the $204,000 principle)
- $9,180 interest payments (6 months x 9% interest)
-----------------------
= $50,660 gross profit (does not include taxes or renovation costs)
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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CMN Funding
1510 Central Ave, Suite 380
Albany, NY 12205
Headquartered in Albany, NY, CMN Funding is a hard money lender providing loans all across the US. Their lending focus is primarily on private commercial real estate loans. They issue loan amounts starting at $100,000 with no maximum. They will ...
Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
Dominion Financial
32 S Street
Baltimore, MD 21202
Dominion Financial Services is a private lender serving professional single-family real estate investors. We offer fix & flip loans, 30-yr fixed-rate rental loans, new construction financing, and multifamily bridge loans. We currently lend in all 50 states and Washington D.C ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
Rapid Commercial Loans are private money lenders actively originating Private loans for commercial properties nationwide. With traditional lenders tightening up on their lending criteria, private money loans for commercial properties are becoming the most efficient loan product for many borrowers ...
American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
American Land and Capital is a Lakeville, MN based hard money lender. They offer loans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. They offer builder loans and fix and flip loans. ...
National Advance Group
1 Linden Place
Great Neck, NY 11021
Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
Figure.com
650 California Street, Suite 2700
San Francisco, CA 94108
At Figure, we're transforming home equity by creating a faster, simpler and more transparent way to meet your financial goals. Learn how to use the equity in your home to consolidate debt, pay for home improvement, or fund your goals. ...
AMUSA Commercial Capital
301 Commerce Street Ste. 1420
Fort Worth, TX 76102
AMUSA Commercial Capital is a Dallas, TX based private money lender. They provide funding throughout the country. Their lending focus is mainly on non-bankable commercial real estate loans and Investment 1 to 4 loans. Their loan guidelines are flexible, including ...
ABC Capital Investments
1218 N. Marshall Street
Philadelphia, PA 19122
ABC Capital Investments is a Philadelphia, PA based private lender who offers loans all throughout the US. They provide lending solutions for many different scenarios, including long term rental property loans and short term fix and flip loans. ...
11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
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